Who can avail of the PMAY scheme?

A family comprising husband, wife and unmarried children can avail of the scheme.

I already own a house. Can I avail of the scheme for a second home?

No, you can’t do that. Only those who do not pucca home in any part of the country are eligible for the scheme.

We have a home in my wife’s name. Can I avail of PMAY scheme?

No, the Pradhan Mantri Awas Yojana subsidy eligibility criteria clearly specify that no one in the applicant’s family – spouse or unmarried children -- can own a pucca home anywhere in the country.

Will I get the subsidy directly?

No, the subsidy will be given to the bank from which you have taken the loan under PMAY scheme. The bank then credits the subsidy to your loan account, which means lower EMIs for you.

Is there any limit on the loan that can be taken?

No, there is no limit on the loan you can take. However, the maximum subsidy you can avail of is capped at Rs 2.67 lakh.

How is PMAY eligibility determined?

You have to submit various documents in support of your claim, like income tax return, salary slip, bank statement, salary slip etc.

PMAY Eligibility: Pradhan Mantri Awas Yojana Eligibility Criteria 2020

Key Features

PMAY is available for Economically Weaker Sections (EWS), Low Income Groups (LIG), Middle Income Group-I (MIG-I), and Middle Income Group-II (MIG-II)
The subsidy is provided to the banks and housing finance companies that disburse the loans by two central nodal agencies -- Housing & Urban Development Corporation (HUDCO) and National Housing Bank (NHB)
The amount of subsidy will depend on income criteria and the category the applicant belongs to
Subsidies are available for the acquisition and construction of a home. They are also available for construction of additional rooms, kitchens and toilets
A beneficiary family comprises husband, wife, unmarried sons and/or unmarried daughters. An adult earning member (irrespective of marital status) is treated as a separate household

Eligibility Criteria

PMAY eligibility varies according to the category of the applicant, like EWS, LIG, MIG-I and MIG-II. Let’s look at the eligibility for Pradhan Mantri Awas Yojana for each category:
EWS / LIG Category

Housing can be quite expensive in India, and for most people in the EMS/ LIG category, buying a home can be quite challenging. It is this category that forms the largest chunk of the population and needs the subsidy the most.

Eligibility for PMAY for this category includes applicants who have an annual income of up to Rs 3 lakh and up to Rs 6 lakh. However, the beneficiary family should not own any other pucca house in any part of India.

The maximum subsidy an applicant can receive is up to Rs 2.67 lakh*
Interest subsidy can be availed at a rate of 6.5%* for a tenure of 20 years or tenure of the loan, whichever is lower
The subsidy will be applicable only for loan amounts up to Rs 6 lakh. Additional loan beyond Rs. 6 lakh, if any, will be available at a non-subsidised rate
Subsidy credited upfront to the loan account of the beneficiary results in reduced effective home loan rate and EMI
Aadhaar card is a mandatory requirement when applying for PMAY scheme.
An applicant should not have availed of any central or state assistance under any housing scheme from the Government of India
Another one of the eligibility criteria Pradhan Mantri Awas Yojana is that the property should be co-owned by a female member of the family. This is part of the government’s aim to encourage the empowerment of women
Location of the property should fall under all statutory towns as per 2011 census and their adjacent planning area (updated by the government from time to time)

Particulars	EWS	LIG
Household Income (Rs. p.a)	0-3,00,000	3,00,001-6,00,000
Eligible Housing Loan Amount for Interest Subsidy (Rs.)	Up to 6,00,000	Up to 6,00,000
Interest Subsidy (% p.a.)	6.50%	6.50%
Maximum loan tenure (in years)	20	20

MIG Category

It’s not just those the EWS and LIG group that is finding it difficult to get quality housing at affordable houses. Even the middle class finds it difficult to find homes that are within reach. The high equated monthly instalments they have to pay leaves these households with little disposable income to meet the needs of healthcare, education etc. The eligibility of Pradhan Mantri Awas Yojana extends to this section as well.

Applicants whose annual household income is between Rs 6 lakh and Rs 12 lakh fall under the Middle Income Group-I (MIG-I). Those whose annual income falls between Rs 12 lakh and Rs 18 lakh fall under the Middle Income Group-II (MIG-II).

Interest subsidy can be availed at a rate of 4%* on home loans up to Rs 9 lakh for a tenure of 20 years (MIG I)
Interest subsidy can be availed at a rate of 3%* on home loans up to Rs 12 lakh for a tenure of 20 years (MIG II)
Maximum housing loan interest subsidy that can be availed is up to Rs 2.67 lakh*
Subsidy credited upfront to the home loan account of the beneficiary results in reduced effective housing loan and EMI
Interest subsidy can be availed at a rate of 4%* on home loans up to Rs 9 lakh for a tenure of 20 years (MIG I)
Interest subsidy can be availed at a rate of 3%* on home loans up to Rs 12 lakh for a tenure of 20 years (MIG II)
Maximum housing loan interest subsidy that can be availed is up to Rs 2.67 lakh*
Subsidy is credited upfront to the home loan account of the beneficiary, which results in reduced effective housing loan and EMI
Aadhaar card is a mandatory requirement when applying for this scheme

Particulars	MIG I	MIG II
Household Income (Rs. p.a)	6,00,001-12,00,000	12,00,001-18,00,000
Eligible Housing Loan Amount for Interest Subsidy (Rs.)	Up to 9,00,000	Up to 12,00,000
Interest Subsidy (% p.a.)	4.00%	3.00%
Maximum loan tenure (in years)	20	20

PMAY Calculator

PMAY calculator is a general self-help planning tool. The results depend on many factors, including the information you provide. Please note that the PMAY calculator has been created to give you an approximate understanding and should not be considered as absolute.

Other than the PMAY service, Indiabulls Home Loans also provides instant home loans to all customers. We offer home loans tailored to suit your needs, competitive interest rates, and guide you through the entire home loan process. If you wish to avail a regular home loan, click here to calculate your EMIs.

FAQs

Who can avail of the PMAY scheme?
- A family comprising husband, wife and unmarried children can avail of the scheme.
I already own a house. Can I avail of the scheme for a second home?
- No, you can’t do that. Only those who do not pucca home in any part of the country are eligible for the scheme.
We have a home in my wife’s name. Can I avail of PMAY scheme?
- No, the Pradhan Mantri Awas Yojana subsidy eligibility criteria clearly specify that no one in the applicant’s family – spouse or unmarried children -- can own a pucca home anywhere in the country.
Will I get the subsidy directly?
- No, the subsidy will be given to the bank from which you have taken the loan under PMAY scheme. The bank then credits the subsidy to your loan account, which means lower EMIs for you.
Is there any limit on the loan that can be taken?
- No, there is no limit on the loan you can take. However, the maximum subsidy you can avail of is capped at Rs 2.67 lakh.
How is PMAY eligibility determined?
- You have to submit various documents in support of your claim, like income tax return, salary slip, bank statement, salary slip etc.